Data taken from FVREBSummary: Overall, there were 2580 total sales in the Fraser Valley for March, up 41% from February 2022 but down 22.5% from the previous year. The Average sold price across all property types was $1,207,218 an increase on 18% over the previous year. Inventory shortage remains the biggest issue facing buyers, with 1.8 months on inventory remaining, its still a seller’s market with properties selling on average in 12 days. For the third consecutive month, new listings in the Fraser Valley continued to climb in March giving buyers more to choose from, helping to increase overall active inventory to levels not seen since last July, all good news for the home-buying public. With fixed rates nearly double what they were a year ago, new homebuyers will likely be more impacted than other segments of the home-buying public, as mortgage stress test conditions become more stringent. If you need a Langley Realtor to help you find your next home or to sell your place while sellers are still in control, give me a call.
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REAL ESTATE NEWS AND UPDATES
British Columbia government is once again trying to appear as if they're taking action on the real estate front by implementing a 'cooling-off' period for buyers that allows time to back out of a real estate agreement. I believe this to be another "smoke and mirrors" tactic; the government has been one of the biggest beneficiaries of maintaining the status quo in the real estate market with the enormous property transfer taxes they collect from every property transfer. There is little incentive for them to make real changes to address affordability that could affect the governments very lucrative money machine.
If they were really looking out for the interests of buyers then the preferable route to take would be: (1) Implement a mandatory due diligence period for all buyers prior to making an offer. (2) An end to the blind bidding process.
Since Buyers will now have a way out; the market could get even more chaotic and frustrating as buyers could potentially offer on multiple homes as the same time. If every buyer is now offering on multiple properties the competition could get even fiercer, pushing prices higher.